All Forum Posts by: Eudith Vacio

Hey @Eric Kahn Gale, I definitely agree with @Jonathan Klemm that those prices seem pretty cheap to me for replacing all that piping. Are they just replacing the main line leading up to the kitchens / bathrooms? I use pex in Indiana, but Chicago doesn't allow it so you're going to have to go with copper. 

Hey Madina, 👋🏽

@John Warren asked some really great questions that I think should help you get a better idea of where to purchase a property. $350k - $450k is a good price point to get you a property but depending on the area, you might need to do some remodeling, unless you want to look on the south side, where you can find a pretty turnkey property for those price points. 

Hey Jake! 👋🏽

I invest in NWI + own a property in an LLC that I bought a few years ago. If you plan on transferring the property into an LLC (which I agree with @Jonathan Klemm, is not always necessary or recommended) then you will have to register is with Indiana at inbiz.com if you did not form it in Indiana. 

Nonetheless, congratulations on your investment in Hammond :) that's a great place with relatively low price points + low taxes that we love! 😃

Hey @Mounish Thatikonda - were you able to find contractors? definitely would agree with John + Bree that light rehabs are recommended for first time investors that are just starting out so you can slowly dip your feet into the water and get a better idea of comps and what needs to be done. 

Hey @Karla M Brown - Jonathan Klemm owns Quality Builders, definitely would recommend them, but you can also search groups in Facebook to find contractors that has worked well with me depending on what type of contractor you are looking for, hope that helps! 😃

thanks @Henry Lazerow - that's insane - how are the pool of candidates? are they actually qualifying for the rent? Northside might be different from Southside obviously because I know some landlords are finding it more difficult to find qualified tenants in certain areas 

Hey @Danny Keating 😃

I totally concur with @John Warren advice. There is an abundance of inventory in Chicago so you shouldn't have a problem finding a deal out here in that price range. I went to school for Finance & Accounting which eventually led me to real estate - that's where the real money is at! In all honesty, if you're going to be making that much money straight out of college, you can do it yourself. Getting into a partnership isn't something I recommend on your first deal - MANY things can go wrong. 

I would also recommend self-managing the first year so you can learn the process of finding tenants, etc. Make sure you find an investor-friendly agent + attorney. They should give you the resources you need to get your first deal! :)

KEEP US UPDATED! 

You are absolutely on point with this information. Multi-family properties are going super quick in certain neighborhoods, but there are a lot of buildings that need work. It's super hard to find turnkey multi-family properties which works well for a buyer because you can negotiate purchase price, credits, etc. But every neighborhood also has its own market and it's super important to understand that. I just posted a video on YouTube on certain neighborhoods in Chicago and there are some neighborhoods where the prices are falling or staying longer on market. Great post!

Hey @Elliot Mitchell  😃

I think we need to learn as a society to do MORE hard things! It's great to read about all the stories of rookie investors becoming big time investors and how they actually did it. It takes resilience and perseverance and anybody can DO IT! 

Thanks for the shout out @Mei Bae Wu 😃

Hey @Rick Zavala ; I recently used a HELCO to purchase another investment property & can be a great option; I wouldn't recommend using the LLC initially and just purchase in your name.